Summary
To: Town Commission
Through: Gay Lancaster, Town Manager
From: Amy Lockhart, Interim Finance Director
Date: 9/17/2024
______________________________________________________________________
Subject:
Title
Adoption of Final Millage Rate for FY 2024-2025
Summary:
Approval of Final Millage Rate for FY 2024-2025
Previous Commission Action: The Town Commission approved a maximum millage preliminary rate of 6.9777, and reviewed the budget at meetings in July, August, and September.
Background/Problem Discussion: Annually the Town Commission must approve the millage rate.
The Fiscal Year 2024-2025 tentative millage rate is 6.9777 which is greater than the rolled-back rate of 6.0019 by 16.26% as calculated by [(6.9777 / 6.0019) - 1.00] x 100.
The final millage rate cannot exceed the previously set maximum millage rate (MMP) of 6.9777. The Commission may set a final rate equal to, or less than, the MMP. The proposed fiscal year 2024-25 millage is 6.9777; 5.2500 for the General Fund and 1.7277 for the Infrastructure Fund. All millage calculations are based upon the certified total taxable value of $1,298,621,519.
Financial Implications: Approval of millage rate provides tax revenue for the Town.
Recommendation: I recommend final approval of Resolution 2024-25 adopting the millage rate of 6.9777 for FY 2024-2025.
Proposed Motion: I move for approval of Resolution 2024-25 adopting the millage rate of 6.9777 for the FY 2024-2025, provided that 6.9777 is greater than the rolled-back rate of 6.0019 by 16.26%.